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Registration of steel and iron imports.

GS-III: Registration of steel and iron imports. News In a bid to clamp down on the dumping of iron and steel imports and also the over and under-invoicing of these products the government has removed these items from the ; free category and has made it mandatory for importers to apply in advance for registration of their import. Import and Export of Iron & Steel Although India started exporting steel way back in 1964, exports were not regulated and depended largely on dome

Core Sector Output falls in Sept.

Core Sector Output falls in Sept. Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.   News:  Output of 8 core infrastructure industries contracted by 5.2% in September, indicating the severity of the economic slowdown.   Prelims focus: about 8 core industries, their weightage in the Index of Industrial Production Mains focus: about the recent economic slowdown and its aftermath

Surge in small borrower defaults stokes worries

Surge in small borrower defaults stokes worries Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. News:  Small borrowers, whose default rates have traditionally been among the lowest in India, are increasingly missing loan repayments as rising unemployment and stagnant-to-declining wages put pressure on finances of small companies as well as households.   Prelims and Mains focus: About MUDRA sch

India losing its trading edge to smaller nations

India losing its trading edge to smaller nations Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. News:  India’s exports are contracting. In the export of garments, countries such as Bangladesh and Vietnam are beating India. How have exports fared this fiscal? During the first seven months of FY20, both export and import growth fell in contrast with fairly high double-digit growth rates during

GDP growth plunges to 4.5%, lowest since 2012

GDP growth plunges to 4.5%, the lowest since 2012 Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. News: Growth in the gross domestic product (GDP) in the July-September quarter hit a 25­quarter low of 4.5%, the government announced on Friday.   Prelims and Mains focus: about the recent economic slowdown in the Indian economy, challenges and ways to address them; GDP v/s GVA    

Industry asks govt to boost private investments to kick-start growth

Industry asks govt to boost private investments to kick-start growth Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Prelims and Mains focus: about the key takeaways from the meeting; suggestions given by various stakeholders and their significance News: Prominent industrialists on Thursday urged finance minister Nirmala Sitharaman to kick-start economic growth by encouraging private investment, improving

REVIVAL PACKAGE FOR BSNL AND MTNL

REVIVAL PACKAGE FOR BSNL AND MTNL Context: Union Cabinet approves revival plan of Rs.70,000cr BSNL and MTNL.                                 Revival plan : 1. Allotment of spectrum for 4G services for Rs.20,000cr 2. Debt restructuring by raising of bonds with sovereign guarantee. 3. Reducing employee costs through Voluntary Retirement Scheme. 4. Monetisation of assets. 5. In-principle approva

Maharatna, Navaratna and Miniratna Public Sector Undertakings (PSUs)

Maharatna, Navaratna and Miniratna Public Sector Undertakings (PSUs) Context: The government of India has accorded ‘Maharatna’ status to public sector undertakings (PSU’s) Hindustan Petroleum Corporation Limited (HPCL) and Power Grid Corporation. Impact: This will impart greater operational and financial autonomy thus enhancing powers to their Boards to take financial decisions. Boards of these PSUs can make equity investments to undertake fin

PM chairs first meet of Cabinet Committee on Investment and Growth (CCIG)

PM chairs first meet of Cabinet Committee on Investment and Growth (CCIG) Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.   Prelims and Mains focus: about CCIG and its significance for India’s economy   News: The newly-­formed Cabinet Committee on Investment and Growth (CCIG) held its first meeting on Monday as the government looks to boost spending to bring back a sputtering econ

NIRVIK Scheme

 NIRVIK Scheme Context: The Ministry of Commerce and Industry through ECGC, has introduced a new Export Credit Insurance Scheme (ECIS) called NIRVIK to enhance loan availability and ease the lending process.   About the Scheme: The main aim of introducing the scheme is to enhance the accessibility and affordability of credit for exporters. The decision is tipped to make the Indian exports competitive and make ECGC procedures exporter friendly, reduce insurance cost

Core sectors shrink for fourth straight month

Core sectors shrink for the fourth straight month Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.   Prelims and Mains focus: about the eight core sectors of the Indian Economy and their performance; Index of Industrial Production   News: India’s eight infrastructure sectors shrank for the fourth straight month in November at 1.5%, though the magnitude of contraction slowed from 5.8% i

E-commerce market in India

E-commerce market in India Syllabus subtopic: Effects of liberalization on the economy, changes in industrial policy and their effects on industrial growth.   Prelims and Mains focus: about the e-commerce market in India and allegations on e-commerce retailers; about CCI and its role   News: The Competition Commission of India (CCI) ordered a probe into Amazon and Flipkart for alleged deep discounting and unfair trade practices. The matter, once a toss between pricing an

New Industrial Policy

New Industrial Policy Syllabus subtopic: Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth. Prelims and Mains focus: about the new industrial policy and its key objectives News: With the government aiming to finalise the new industrial policy within the current financial year, the Department for Promotion of Industry and Internal Trade (DPIIT) is seeking specific inputs from ministries and states on focus areas to boost manufac

Indian Staffing Federation (ISF)

Indian Staffing Federation (ISF) Syllabus subtopic: Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Prelims and Mains focus: about the recommendations of the ISF; about labour reforms in India; about ISF News: Indian Staffing Federation (ISF) has asked the government to make labour codes a reality and get them operational from April this year.   Present scenario India currently had 44 Central, 387 State labour

National Logistics Policy

National Logistics Policy Syllabus subtopic: Food Processing and Related Industries in India- Scope’ and Significance, Location, Upstream and Downstream Requirements, Supply Chain Management.   Prelims and Mains focus: about the draft national logistics policy: benefits and challenges in implementation   News: In her Union budget speech, the finance minister said the government will release the policy soon.   Background India’s logistics sect

New Textiles Policy 2020

New Textiles Policy 2020 Background The existing National Textile Policy 2000 was framed about 13 years ago. Since then, the industry has undergone various changes on the domestic and international front. The domestic textile industry has seen large-scale modernization and technological up-gradation in the last decade and faces new challenges. About the New Textile Policy 2020 It is aimed at developing in the country a competitive textile sector that is modern, sustainable

FDI policy regarding Special Economic Zones (SEZs)

FDI policy regarding Special Economic Zones (SEZs) Syllabus subtopic: Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth.   Prelims and Mains focus: above the move and its significance; about SEZs   News: Goods procured from units in special economic zones (SEZ) by single-brand retailers, owned by foreign companies, would qualify for meeting the mandatory 30% local sourcing norms, the government said in a clarifi

NRIs permitted to own 100% stake in Air India

NRIs permitted to own 100% stake in Air India Syllabus subtopic: Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth.   Prelims and Mains focus: about the move to privatize Air India and its significance; about Air India   News: The Union cabinet approved a proposal to let non-resident Indians (NRIs) own up to a 100% stake in Air India Ltd as the government attempts to make a success of its second attempt to compl

Industrial revolution 4.0

Industrial revolution 4.0 Part of: GS Prelims and GS-III- Economy (PT-MAINS-PT) Technology forms the subtext of human development. History is loaded with instances of technology serving as catalysts in the grand narrative of human development. From basic necessities like food, air, water, clothing and shelter, to structural requirements like security technology has played a tremendous role in every field of human growth and survival. The invention of the transistor: Around the ye

Rural Industries – MSME ACT – MGNREGA

Rural Industries – MSME ACT – MGNREGA Part of: GS-III- Energy/Industries (PT-MAINS-PERSONALITY TEST) Rural industrial activities can be divided into the following three categories: small-scale cottage activities, medium-scale village enterprises, and large-scale rural industries. This classification can be carried out on the basis of the following criteria: Location; ownership; labour source and organization; the complexity of the technology used; the scale of pr

Khadi and Village Industries Commission (KVIC)

Khadi and Village Industries Commission (KVIC) Context: When the country was struggling hard with the deadly Coronavirus, the Khadi and Village Industries Commission (KVIC), an autonomous body under the Ministry of MSME, in collaboration with its Khadi Institutions (KIs) in Tamil Nadu discharged its responsibility once again by purchasing cocoons from cocoon farmers. The main objectives of KVIC was to help the cocoon farmers struggling to sell their crop due to lock down pandemic outb

NDMA ISSUES guidelines for restarting industries post lockdown

NDMA ISSUES guidelines for restarting industries post lockdown Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST) In its guidelines, NDMA said state governments will ensure that off-site disaster management plans of the respective major Accidental Hazard units are up to date and preparedness to implement them is high. Important points All the responsible officers of the district will ensure that the industrial on- Site Disaster Management Plans are also in place and cover Stand

CHAMPIONS portal - MSME

CHAMPIONS portal - MSME  Introduction In a major initiative, the Union Ministry of MSME has launched the CHAMPIONS portal. About CHAMPIONS portal CHAMPIONS portal is a Technology driven Control Room-Cum-Management Information System. The system utilising modern ICT tools is aimed at assisting Indian MSMEs march into big leagues as National and Global CHAMPIONS. The CHAMPIONS stands here for Creation and Harmonious Application of Modern Processes for Increasing the Outpu

IEM (Industrial Entrepreneur Memorandum)

IEM (Industrial Entrepreneur Memorandum) Context Applications for IEM/IL under the I(D&R) Act, 1951 are currently accepted through the IEM portal at https://services.dipp.gov.in. Through this portal, applications for acknowledgement of IEM – Part A (for the establishment of business) and IEM – Part B (upon commencement of commercial production) are filed online by entrepreneurs of prescribed industrial undertakings. (1) What is an IEM (Industrial Entrepreneur Mem

Limited Liability Partnership

Limited Liability Partnership About: What is it? LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. Hence LLP is called a hybrid between a company and a partnership. Legislation in India All limited liability partnership is governed under the limited liability partnership act of 2008. The Corporate Affairs Ministry implements the Act. LLP vs Traditional partnership firm: Under a

Federation of Indian Chambers of Commerce and Industry (FICCI)

Federation of Indian Chambers of Commerce and Industry (FICCI) Context With a view to achieving atmanirbharata in the Coal sector, the Ministry of Coal in association with FICCI is launching the process for auction of 41 coal mines under the provisions of the CM (SP) Act and MMDR Act. This auction process marks the beginning of the opening of the Indian coal sector for commercial mining. It will enable the country to achieve self-sufficiency in meeting its energy needs and boost industrial

National Productivity Day

National Productivity Day The National Productivity Council is observed 12th of February as National Productivity Day and till the 18th of February as National Productivity Week. "Industry 4.0 Leapfrog Opportunity for India” is the theme of the National Productivity Week -2018. Industry 4.0 is characterized by the increasing digitization and interconnection of products, value chains and business models. National Productivity Council (NPC) NPC is a mission-oriented a

Core’s contraction: On slowing economy

Core’s contraction: On slowing economy Context # Output in the eight core industries suffered an overall contraction for a third straight month in May, shrinking 23.4%, as the pandemic-induced lockdown kept large parts of the economy shuttered, the Commerce Ministry’s provisional figures show.   Core Sector Data # Of the eight, all but one posted declines in production compared with a year earlier, with six sectors witnessing double-digit drops. # Except fert

For a different yardstick: on 'Doing Business' report

For a different yardstick: on 'Doing Business report Context: The article examines the need to revamp the World Bank’s ‘Doing Business’ survey to make it more comprehensive. The World Bank has decided to halt its annual ‘Doing Business’ report on data authenticity issues. ‘Doing Business’ index: The doing business index estimates the cost to business from regulations. Erratic procedures and delays hamper business in India and si

Exploiting the Chinese exit

Exploiting the Chinese exit Context: The article analyzes the economic opportunities which have opened up for India post the Chinese app ban in India. The Chinese app ban in India: The government in September 2020 banned 118 applications — a majority being Chinese, on grounds of national security and sovereignty threat posed by these apps. In June 2020, the government had banned 59 Applications on similar grounds. India has additionally blocked Chinese companies fro

Needed, a policy framework in step with technology

Needed, a policy framework in step with technology Context As technology has evolved in the latter part of the 20th century and the early part of the 21st century, the traditional boundaries between goods and services have blurred. By virtue of Moore’s law, computing capabilities have surged faster than capabilities in traditional industries. These information-based technologies have been widely adopted across a broad range of industries and products that traditionally have

Core Industries, IIP and Annual Survey of India

Core Industries, IIP and Annual Survey of India What is in the news? Output from India’s eight core sectors hit a three-month low in November, contracting 2.6% in the festive month with coal, fertilizers and electricity the only sectors to record positive growth on a year-on-year basis, suggesting the economy is still not out of the woods. The good news is that the Index of Eight Core Industries was revised upwards for both August and October, based on updated data inputs re

Procurement Schemes in India: Government e-Marketplace

Procurement Schemes in India: Government e-Marketplace About Government e-Marketplace(GeM), 2016 (Ministry of Commerce and Industry) GeM is a one-stop National Public Procurement  Portal to facilitate online procurement of common use Goods & Services required by centres, States, their organizations and PSUs. Procurement of goods & services by Ministries and CPSEs is mandatory for goods and services available on GeM. It will bring transparency and efficiency in the go

Draft policy to help grow nano, micro enterprises

Draft policy to help grow nano, micro-enterprises Udyog Sahayak Enterprises Network put together by FICCI, TISS and Azim Premji University A new policy on the anvil, the Udyog Sahayak Enterprises Network (USENET), may give a major fillip to the growth-stunted nano and micro-enterprises in India’s informal sector. The proposed framework, whose draft was jointly put together by the Azim Premji University, the Federation of Indian Chambers of Commerce and Industry (FICCI), and the T

Production-Linked Incentive Scheme for the Telecom Sector

Production-Linked Incentive Scheme for the Telecom Sector Aim of the scheme: It will make India a global hub for manufacturing telecom equipment. It will create jobs and reduce imports, especially from China. The focus of the scheme: The scheme will offset the huge import of telecom equipment worth more than Rs 50,000 crore. It will encourage foreign manufacturers and domestic manufacturers to set up production units in India.   Coverage: The scheme will cover

Startup Ecosystem in India

Startup Ecosystem in India What is the Startup Ecosystem in India? India has the 3rd largest startup ecosystem in the world; expected to witness YoY growth of consistent annual growth of 12-15% India has about 50,000 startups in India in 2018; around 8,900 – 9,300 of these are technology-led startups 1300 new tech startups were born in 2019 alone implying there are 2-3 tech startups born every day. Definition of Startup Expanded An entity shall be considere

Fertilizer Industry - UPSC

Fertilizer Industry in India The Fertilizer Industry in India is 1 of the 8 core industries. Fertilizer has the minimum share in the Index of Core Industries. India is the 2nd largest consumer of Urea fertilizers after China. India also ranks 2nd in the production of nitrogenous fertilizers and 3rd in phosphatic fertilizers. Potash requirement is met through imports since we have limited reserves of potash. There are&n

Government initiatives to boost Industrial Manufacturing

Government initiatives to boost Industrial Manufacturing The government of India has taken several steps to improve the quality standards of products manufactured under the AatmaNirbhar Bharat Campaign. These inter alia include: Quality Control Orders (QCOs): Since the announcement of AatmaNirbhar Bharat campaign, Central Government through its various Ministries/Departments has notified 156 products under compulsory BIS certification through issuance of QCOs. As per these QCOs, the pro

Government efforts for Manufacturing sector

Government efforts for the Manufacturing sector Production Linked Incentive scheme: Keeping in view India’s vision of becoming Aatamnirbhar and enhancing India’s Manufacturing capabilities and exports, an outlay of Rs 1.97 lakh crore has been announced in Union Budget 2021-22 for production linked incentive scheme(PLI schemes) for 13 key sectors for 5 years starting from fiscal year 2021-22.On 12th May, 2021, MHI has approved a production linked incentive scheme (PLI scheme) fo

PLI Scheme for Textiles

PLI Scheme for Textiles Why in news? Taking steps forward towards the vision of an ‘Aatmanirbhar Bharat’, Government has approved the PLI Scheme for Textiles for MMF Apparel, MMF Fabrics and 10 segments/ products of Technical Textiles with a budgetary outlay of Rs. 10,683 crores. PLI scheme for Textiles is part of the overall announcement of PLI Schemes for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of Rs. 1.97 lakh crore. With the announce

Coir Industry in India

Coir Industry in India Coir Industry Coir Board was set up under the Coir Industry Act, 1953 by the Government of India for the overall sustainable development of coir industry in the Country. The functions of the Board as laid down under the Act include undertaking, assisting and encouraging scientific, technological and economic research, modernization, quality improvement, human resource development, market promotion and welfare of all those who are engaged in this indus

International Financial Services Centre (IFSC)

International Financial Services Centre (IFSC)  What is an International Financial Services Centre (IFSC)? An IFSC caters to customers outside the jurisdiction of the domestic economy.  Such centres deal with flows of finance, financial products and services across borders.  London, New York and Singapore can be counted as global financial centres.  The SEZ Act 2005 allows setting up an IFSC in an SEZ or as an SEZ after approval fro

National Investment and Manufacturing Zones (NIMZ)

National Investment and Manufacturing Zones (NIMZ) About NIMZ The Government of India (GoI) has announced a National Manufacturing Policy, 2011, with the objective of enhancing the share of manufacturing in GDP to 25% within a decade and creating 100 million jobs. NIMZs are one of the important instruments to achieve it. As per the Policy, “NIMZs will be developed as integrated industrial townships with state-of-the-art infrastructure and land use on the basis of zoning; cl

PM MITRA Parks for Textile sector

PM MITRA Parks for Textile sector With a view to attracting investment, boost employment generation and positioning itself strongly in the global textile market, the Government has approved the setting up of 7 (Seven) PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks in Greenfield/Brownfield sites including plug and play facility with an outlay of Rs. 4445 cr for a period of seven years upto 2027-28.  The salient features of the PM MITRA Scheme are:- Willing s

DPIIT-Dept for Promotion of Industry & Internal Trade

DPIIT-Dept for Promotion of Industry & Internal Trade Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industries DIPP was established in 1995 and reconstituted in 2000 with the merger of the Dept of Industrial Development. It was renamed in 2019. The following are the Functions of DPIIT e-Commerce matters that were transferred to DPIIT in 2018. In 2019: internal trade, the welfare of traders and t

INDIAN CORE SECTOR AND IIP

INDIAN CORE SECTOR AND IIP The growth of eight core infrastructure sectors rose by 12.7% in June against 9.4% in the year-ago, period with all sectors except crude oil registering an uptick in production. What are the Core Sector Industries? The eight-core sector industries include coal, crude oil, natural gas, refinery products, fertilizer, steel, cement, and electricity. All these core industries are considered as main or key industries of the economy and serve as the backbon

Emergency Credit Line Guarantee Scheme

Emergency Credit Line Guarantee Scheme The Union Cabinet has agreed to raise the cap on the Emergency Credit Line Guarantee Scheme (ECLGS). About The cap has been raised from Rs. 4.5 billion to Rs. 5 billion. The additional funds are being set aside just for businesses in the hospitality industry and other associated industries through the scheme's expiration date of 31.03.2023. Due to the tremendous disruptions that the COVID-19 epidemic has produced for the hospitality indu

Electronics manufacturing in India

Electronics Manufacturing in India                              Image Source - EFY Group A paper titled "Globalize to Localize: Exporting at Scale and Deepening the Ecosystem are Vital to Higher Domestic Value Addition" was recently released by the government. Highlights      ICRIER (India Council for Research on International Economic Relations) and India Cellular and E

National Technical Textiles Mission

National Technical Textiles Mission Under the National Technical Textiles Mission, the Ministry of Textiles recently approved 23 key research projects costing roughly Rs 60 crores in Specialty Fibers, Sustainable Textiles, Geotextiles, Mobiltech, and Sports Textiles. Details about the news The research initiatives cost about 60 crores of rupees. 12 Specialty Fibers Projects with Applications in Agriculture, Smart Textiles, Healthcare, Strategic Application, and Protective Gears

Alliance for Asian Palm Oil

Alliance for Asian Palm Oil The Asian Palm Oil Alliance (APOA) is made up of the top industry associations for the five biggest Asian importers of palm oil: India, Pakistan, Sri Lanka, Bangladesh, and Nepal. The APOA held its first general body meeting in conjunction with the Globoil Summit in Agra, India, and the following gathering is anticipated to take place in Indonesia in early 2023. One of the World's Leading Edible Oils and Agri Trade Conference, Exhibitions & Awards is

India Chem 2022

India Chem 2022 India Chem 2022, the 12th Biennial International Exhibition and Conference, was recently opened in New Delhi's Pragati Maidan. "Vision 2030: Chemicals and Petrochemicals Build India" is the topic of India Chem 2022.            What is the state of the Indian chemical industry? The vastly diversified Indian chemical sector can be broadly divided into bulk chemicals, specialty chemicals, agrochemicals, petrochemicals

Summit on Leadership for Industry Transition

Summit on Leadership for Industry Transition On the sidelines of COP27 in Sharm El Sheikh, Egypt, India and Sweden hosted the Leadership for Industry Transition (LeadIT) Summit. Following the summit, the LeadIT Summit Statement 2022 was made public in the India Pavilion at COP27. What are the Summit's Highlights? Members of LeadIT reaffirmed their commitment to pursuing the low-carbon transition. The event featured roundtable discussions on finance and other cross-sector

Distorted use of fertilizers

Distorted use of fertilizers According to the Department of Fertilisers, the sale of urea increased by 3.7% from April to October 2022 compared to the same period the previous year. More on the news: Issue: The incumbent government's two ambitious schemes — the Soil Health Card and mandatory neem-coating of urea — were intended to promote the balanced use of fertilizers. Urea: Rather than weaning farmers away from urea, annual consumption of this nitrogenous fe

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